Condor Receives Shoba Production Contract


CALGARY, September 8, 2016 – Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI) is pleased to announce that the Shoba Production Contract has been executed with the Government of Kazakhstan, which provides for commercial production at the Company’s 100% owned Shoba oilfield. Production is expected to re-commence at Shoba during September at rates exceeding 500 barrels per day. The Taskuduk Production Contract is expected to be signed shortly and will provide for additional commercial production at the Company’s 100% owned Taskuduk oilfield in Kazakhstan.

The Poyraz 5 well was recently spudded at the Company’s 100% owned Poyraz Ridge production license in Turkey. Surface casing has been set at 346 meters and drilling the main hole section is underway. The well is expected to reach total depth in September. The Poyraz Ridge drilling program is designed to extend the gas reserve areas, fully penetrate and evaluate the fractured carbonate productive intervals and determine whether a gas-water contact is present in the trap closure area. Along with providing additional production capacity, the wells are intended to increase the Company’s reserves.

The Company recently completed construction of the Poyraz Ridge central gas processing facility location. Two gas compression units designed to provide 15 MMscf per day capacity have been received and gas plant refrigeration equipment has been manufactured and is undergoing factory acceptance testing. Surveying of the 15.3 km, six inch gas sales pipeline has been completed and detailed design is ongoing. The project continues to target first gas in mid-2017, providing access to cash flow from a region with strong domestic gas demand and pricing.

 

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